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This Day In 1970's History: Monday September 26, 1977
Moving to salvage his energy program, President Carter called on the Senate to "act responsibly" and "reject narrow, special interest attacks on all segments of the national energy plan." His program, meanwhile, had further setbacks in the Senate, which voted overwhelmingly to cut off a filibuster by liberals opposed to decontrol of natural gas prices. The Finance Committee agreed to kill the President's proposed tax on domestically produced oil. The committee, though, appeared willing to revive the tax if another formula for using the revenues could be found. [New York Times]
President Carter said the United States would achieve is objective of a 6 percent economic growth this year. In a speech in Washington at the opening of the annual meeting of the International Monetary Fund and World Bank, the President declared this country was committed to "vigorous" activity in 1978, and he indirectly criticized other nations by pointing out that the slowing pace of economic activity abroad was one factor in the large and growing trading deficit of the United States. [New York Times]
The nation's trade deficit reached $2.7 billion in August and was the second largest on record, the Commerce Department said, mainly because other countries with more economic problems could not afford to buy American goods. The United States, however, relied less on imports, the government report said. Oil imports, the cause of most of the trade imbalance this year, declined 9 percent to $3.3 billion. [New York Times]
The stock market overcame unfavorable economic news and finished mixed after a late mild recovery erased some earlier losses. This enabled the Dow Jones industrial average, which had been heading for a decline, to close up 2.51 points at 841.65. [New York Times]
New York and other cities with problems of blight would receive greatly increased housing and community-development aid over the next three years under a $12.4 billion program agreed on by Senate and House conferees. The agreement would give Northeastern states a 71 percent increase over current funds. A minimum of $987 million would be allocated for New York state. [New York Times]
